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The Cost of Money

Sunday, October 3rd, 2010
Posted in Advice by Joel Gross

Money is used to facilitate economic transactions.  Instead of trading an apple for a haircut, you can simply hand your barber the amount of money needed.

So why are we spending MORE money to have our money created than it’s face value?!

  • Pennies cost $.0167 to make each one
  • Nickels cost $.07 to make each one

What a silly waste.  I hate carrying around a walletful of metal anyways.

I suggest we switch to all paper/plastic money.

2 thoughts on “The Cost of Money

  1. Don’t worry, only a fraction of the money in the US economy is actually printed or coined. Most IS on hard-drives. A significant portion of the printed stuff actually facilitates economies overseas and strengthens the intrinsic value of the fiat currency we have today.

  2. Good points Peter. We could still print money for cheaper and still have it used overseas just as it is now though right?

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